European markets gave up early gains on Tuesday with the fast-spreading coronavirus putting the continent in shutdown mode and fueling fears of an impending recession.
The pan-European Stoxx 600 slipped 1.1% amid a choppy session, having gained 3% at the opening bell. Travel and leisure stocks plunged another 10% as shutdowns continue to hammer the sector.
Europe's lockdown over the coronavirus continues to dominate headlines, along with anticipation of fiscal stimulus from governments around the world after a slew of central banks unveiled emergency monetary policy measures within the past two weeks.
Italy and Spain remain the worst hit countries but France and Germany have also reported sharp rises in cases. The French president announced that the European Union would be closing its external borders on Tuesday.
Emmanuel Macron also said he was ordering people in France to stay at home for up to 15 days because of the coronavirus outbreak.
In the U.K., the government stopped short of closing schools but stepped up its advice to the public, with U.K. Prime Minister Boris Johnson telling the country on Monday to avoid social contact.
"Now is the time for everyone to stop non-essential contact with others and to stop all unnecessary travel," Johnson said at a press conference. "You should avoid pubs, clubs, theaters and other such social venues," he added.
Stocks on the move
Volkswagen announced Tuesday that it will suspend production from Friday, warning alongside its full-year results that 2020 would be a difficult year. The German automaker's shares hovered around the flatline in early trade, however.
Iliad shares surged 18% after the French telecoms company's full-year results, while British office provider IWG gained 17.7% amid a volatile week.
British business outsourcing group Capita saw its shares jump 16%, a welcome reprieve for a stock which had plunged by 80% over the past month.
British multinational plumbing firm Ferguson tumbled 21% after reporting a fall in first-half profits, while travel operator Tui continued to lead its sector's losses with a 13% fall.
https://news.google.com/__i/rss/rd/articles/CBMiSmh0dHBzOi8vd3d3LmNuYmMuY29tLzIwMjAvMDMvMTcvZXVyb3BlYW4tbWFya2V0cy1mb2N1cy1vbi1jb3JvbmF2aXJ1cy5odG1s0gFOaHR0cHM6Ly93d3cuY25iYy5jb20vYW1wLzIwMjAvMDMvMTcvZXVyb3BlYW4tbWFya2V0cy1mb2N1cy1vbi1jb3JvbmF2aXJ1cy5odG1s?oc=5
2020-03-17 09:07:57Z
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